Boone EDC
Microloan
PRogram
The Microloan mission is to be a resource for small businesses in Boone
County. If you are looking for funding for new equipment, renovations,
upgrades, or more the microloan is a low interest investment option that
can boost you to the next level.
All information you provide is confidential
FAQ’s
What is a microloan?
Microloans are small-scale, low interest loans, from $1,000 to $15,000. Microloans provide
convenient start-up options for small businesses seeking funding for specific projects.
How do microloans work?
Microloans are not meant to finance entire start-up endeavors. As a support to startups, microloans should be used in collaboration with other start-up financing options, such as
investments from personal savings, family and friend support, etc. In order for microloans to be
funded by the Boone EDC, support financing (i.e. personal savings, family/friend investment)
must be secured and identified in appropriate business plan documents provided along with this
application.
What are examples of microloans the Boone EDC has provided?
Examples of microloan projects include financing for specific equipment purchases or
building improvements to promote increased sales/revenue options for a business. Previously, the
Boone EDC has provided microloans for building improvements and fixtures for displays; flooring,
lighting, and sound equipment and improvements for a new event space; the installation of a new
paint booth for the finishing of products.
What are microloans not used for?
What are microloans not used for? – Microloans may not be used for working capital
purposes, such as payroll, rent/lease payments, or regular utility bills. Certain inventory may be
considered, but generally is not allowable. Microloan funds may not be used to pay taxes, fees, or
outstanding bills.
How do I get a microloan from the Boone EDC?
The Boone EDC Microloan Program Application can be downloaded from our website
at www.BooneEDC.org A fully completed copy of the application and supporting documents
must be submitted to the Boone EDC Business Development Manager. Should any questions
arise about the completion of the microloan application, please contact the Boone EDC Business
Development Manager.
Applicant
INformation
Name:
Home Address:
Email:
Home Phone:
Cell Phone:
Spouse Information:
Name:
Info Same as above
Email:
Home Address:
Cell Phone:
Home Phone:
Please attach a copy of the Following:
REsume
Driver’s License
Professional License
(If Applicable)
Business
INformation
Name of Business:
Address:
Email:
Phone:
Business Entitiy Type:
Entity Identification Number (EIN):
Other Owners & Investors:
Co-Owner
Indicate if spouse
Email:
Name:
Cell Phone:
Indicate
Name:
oWner or
Investor
Email:
Cell Phone:
Business Attorney or Accountant:
Don’t Have one? No Sweat! We can talk about your options
Name:
Email:
Cell Phone:
Firm:
Tell us
Your Story
We want to know what your business does and your story.
Purpose of loan:
Amount Requested:
Provide a copy of your business plan
FInancials
Taxes
Provide copies of your personal/business tax returns
Are you up to date on your personal & Business Taxes?
YEs
NO (if no, We can put you in contact
with a professional who can help.)
Financing
Provide a detailed financial statement
How do you finance your business or plan to finance your business? Please note
potential collateral. If you need help putting this document together, no problem.
We can connect you with someone who can help.
Document
Checklist
Business Plan
Financial statement
Tax Returns
REsume
Driver’s License
Professional License
(If Applicable)
Equal Credit Opportunity Notice
I authorize the release of my information gained via background check and
credit report to the Boone County Economic Development Corporation.
Signature: